$200 Million Crypto Stablecoin TrueUSD Launches Instant Fiat Redemption
$200 million stablecoin TrueUSD has unveiled a way for you to convert your crypto tokens to fiat with a single click. | Source: Shutterstock
TrueUSD celebrated its first birthday on Tuesday, and the $200 million USD-pegged cryptocurrency stablecoin commemorated the occasion with two major announcements that could help buttress it as it seeks to supplant $2 billion Tether (USDT) as the market’s leading stablecoin.
First, TrueUSD unveiled a partnership with Armanino, one of the 25 largest independent accounting firms in the US. The result for TUSD users is real-time transparency of the global supply of the stablecoin. The feature will be available in April. Rather than a monthly or quarterly report, as is common in stablecoins these days, users can find out the status of the TrueUSD market in one convenient location.
Armanino’s Noah Buxton, Director of Risk Assurance, said:
“We believe continuous assurance and audit is no longer a far-off future, but rather an imminent reality.”
To make the accounting tool possible, TrueUSD gives Armanino access to its bank accounts and blockchain interface. Users will be able to see the assets held in collateral by TrustToken, as well as the scope of balances across the network. A lot of work would be required by a user to do the same on virtually any other stablecoin, but TrustToken’s edge is building trust through transparency.
Automatic Stablecoin Redemption: The New Crypto Standard?
Perhaps more interesting for traders, TrustToken has launched a unique feature.